The S&P 500 closed lower yesterday as optimism about the economic recovery was unable to halt a decline in technology shares for a second straight day. — Reuters picNEW YORK, March 25 — The S&P 500 closed lower yesterday as optimism about the economic recovery by Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen was unable to halt a decline in technology shares for a second straight day.
Wall Street has seesawed this week as a months-long rotation into economically sensitive energy and financial shares, which have gained on an outlook for economic growth, was briefly upended by falling bond yields that prompted beaten-down technology stocks to rise. Adding to an upward bias for most of the session was data showing US factory activity picked up in early March amid strong growth in new orders. But supply chain disruptions continued to exert cost pressures on manufacturers, keeping inflation fears in focus.
The Dow Jones Industrial Average fell 3.09 points, or 0.01 per cent, to 32,420.06. The S&P 500 lost 21.38 points, or 0.55 per cent, to 3,889.14 and the Nasdaq Composite dropped 265.81 points, or 2.01 per cent, to 12,961.89. Intel Corp retreated 2.3 per cent after earlier gains as the company, in its efforts to expand chipmaking capacity, announced plans to spend as much as US$20 billion to build two factories in Arizona and open its factories to outside customers.
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